Telenor looks to shift mobile money stake in Pakistan as MCB takes note

Telenor looks to shift mobile money stake in Pakistan as MCB takes note

Telenor has confirmed that it is reviewing possible buyers for its 55% majority stake in Telenor Microfinance Bank, which provides financial services in Pakistan.

The remaining 45% of Telenor Microfinance Bank has been held by Chinese financial services provider Ant Group since 2018. Telenor stated that it is weighing up its options for its stake in the unit while acknowledging that a sale is not confirmed.

Telenor stated that if a sales process were to commence, Telenor Microfinance Bank would continue business as usual. Ant Group Pakistan country manager Derek Hao added that his company would “continue to support the bank during this process as it brings innovative solutions to the market”, including the mobile money platform Easypaisa.

Local bank MCB appears to be interested in an acquisition; after Telenor stated that it was reviewing candidates, the bank issued a stock market statement confirming that it is conducting due diligence on a possible offer for the stake.

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